NLC president: N1m minimum wage would wreck economy

The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has warned that increasing Nigeria’s minimum wage to ₦1 million could collapse the country’s economy.

Ajaero made the statement during an interview on Channels Television on Thursday, October 29, according to Daily Post.

The labour leader explained that although discussions were ongoing between the NLC and the Federal Government over a possible minimum wage review, addressing the rising cost of living remained the priority.

“N1,000,000 minimum wage will collapse the Nigerian economy,” he stated.

Ajaero emphasised that the government must tackle the economic challenges responsible for rising prices and strengthen the purchasing power of the naira rather than focus solely on increasing workers’ salaries.

He maintained that improving purchasing power would provide more sustainable relief for Nigerian workers struggling with inflation and economic hardship.

His remarks come after the Federal Government recently approved a ₦70,000 transport allowance for workers amid rising fuel prices and mounting living expenses nationwide.